SNOWMOBILES

Table of Contents

I. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS

• Study Reliability and Reporting Limitations I-1
• Disclaimers I-2
• Data Interpretation & Reporting Level I-2
• Quantitative Techniques & Analytics I-3
• Product Definitions and Scope of Study I-3
• Types of Snowmobiles I-3

II. EXECUTIVE SUMMARY

1. Industry Overview II-1

• Snowmobile Market - A Bird' s Eyeview II-1
• Cyclical Growth Patterns... II-2
• Market Drivers for Industry Growth II-2
• Market Restrainers II-2
• Current and Future Analysis II-2
• Volume Analysis II-3
• Table 1: World Snowmobiles Market (2001-2010): Geographic Regions/Countries' Unit Sales Ranked by Growth - US, Canada, Scandinavia, and Rest of World (includes corresponding Graph/Chart) II-3
• Value Analysis II-4
• Table 2: World Snowmobiles Market (2001-2010): Geographic Regions/Countries' Value Sales Ranked by Growth - US, Canada, Scandinavia, and Rest of World (includes corresponding Graph/Chart) II-4
• Historic Review II-4
• Volume Analysis II-4
• Table 3: World Snowmobiles Market (1991-2000): Geographic Regions/Countries' Unit Sales Ranked by Growth - US, Canada, Scandinavia, and Rest of World (includes corresponding Graph/Chart) II-5
• Value Analysis II-5
• Table 4: World Snowmobiles Market (1991-2000): Geographic Regions/Countries' Volume Sales Ranked by Growth - US, Canada, Scandinavia, and Rest of World (includes corresponding Graph/Chart) II-5

2. Trends and Issues II-6

• Four-Stroke Snowmobiles Gain Momentum II-6
• Demographic Factors Aid Market Growth II-6
• Strong Dealer Networks - A Necessity II-6
• Technical Expertise Spurs the Competition II-6
• Cleaner and Quieter Snowmobiles in Yellowstone National Park II-6
• Economic Impact of Snowmobiling II-6

3. Product Overview II-8

• Snowmobiles - A Brief Definition II-8
• Types of Snowmobiles II-8
• Performance Snowmobiles II-8
• Family Sport Snowmobiles II-8
• Touring Snowmobiles II-8
• Economy Snowmobiles II-8
• Utility Snowmobiles II-8
• Snowmobiles - A SWOT Analysis II-9
• History of Snowmobiles II-9
• Advanced Technologies Drive Market Sales II-10
• The Power of Valve II-10
• Wider Running Boards II-11
• Four-Stoke Engines II-11
• Two-Way Coupling Effect II-11
• Handlebars II-11
• 1.25" Lug Height Tracks II-11
• Heated Carbs II-12
• Sliding Hood Closures II-12
• Push-Button Electronic Reverse II-12
• Detonation Sensors II-12
• Consumer Psychographics Profile II-13
• Enthusiasts II-13
• Participants II-13
• Purchasing Patterns II-13

4. Dangers of Snowmobiling II-14

• Snowmobile-Related Injuries - Cause of Grave Concern II-14
• Table 5: World Snowmobiles Market: Percentage Breakdown of Snowmobile Related Injuries - Contusion, Laceration, Fracture, Sprain, Dislocation, Internal Organ Injury, Concussion, Thermal Burns and Others (includes corresponding Graph/Chart) II-14
• Table 6: World Snowmobiles Market: Percentage Breakdown of Body Parts Most Vulnerable to Snowmobile Injuries - Upper Extremity, Head, Lower Extremity, Knee, Lower Trunk, Upper Trunk and Others (includes corresponding Graph/Chart) II-15

5. Regulatory and Environmental Concerns II-16

• Legal Issues II-16
• Safety Precautions and Recommendations for Safer Use of Snowmobiles II-16
• For Children Less Than 16 Years II-16
• 16 Years and Above II-16
• Recommendations to Snowmobile Manufacturers II-17
• Environmental Issues II-17
• International Snowmobile Manufacturers Association (ISMA) & Snowmobile Safety and Certification Committee (SSCC) II-19

6. Competitive Scenario II-20

• Market Scenario - Fairly Lucrative II-20
• Major Four Rule the Roost II-20
• Table 7: Leading Companies in the World Snowmobiles Market (2001-2006): Percentage Breakdown by Unit Sales for Bombardier, Polaris, Artic Cat and Yamaha Motor (includes corresponding Graph/Chart) II-20
• New Launches Pep Up the Market II-21
• Innovation is the Key: Manufacturers Introduce LatestTechnologies II-21
• Yamaha II-21
• RX-1 II-21
• RX Warrior II-22
• RX-1 Mountain II-22
• RS Vector II-22
• RS Vector - Mountain Version II-22
• New RS Rage II-22
• RS Venture II-22
• Arctic Cat II-22
• F5 Firecat II-22
• F6 Firecat II-22
• F7 Firecat II-23
• Sabercat 500 II-23
• Sabercat 600 II-23
• Sabercat 700 II-23
• ZR 900 EFI II-23

7. Recent Industry Activity II-24

• Arctic Cat Forms a Partnership with Piaggio Group II-24
• Polaris Industries Recalls Snowmobiles II-24
• Arctic Cat and Atomic Skis Form Partnership II-24
• Bombardier to Divest Inventory Finance Division II-24
• Polaris' Dealer Awarded the ACSA Dealer of the Year Award II-24
• Redline Performance Products Files for Chapter 7 Bankruptcy II-25
• Polaris Exits Watercraft Business II-25
• Bain Capital Acquires Bombardier' s Recreational Products Group II-25

8. Strategic Corporate Developments in Recent Past II-26

• Polaris Acquires Ryerson II-26
• Arctic' s 4-Stroke Snowmobiles Certified by US Department of Interior National Park II-26
• Service II-26
• Arctic Fasteners Incorporates TorqueMate 200 II-26
• Online Services From Polaris II-26

9. Product Launches II-27

• BRP Proposes to Launch a Series of New Products in 2007 II-27
• Arctic Cat Unveils 2006 Crossfire Hybrid Snowmobile II-27
• Ski-Doo Launches New Models for Spring II-27
• Yamaha Recreates Phazer Series II-27
• Polaris Industries Displays 2007 Snowmobiles II-28
• Polaris Launches New Engines and Sleds II-28
• Polaris Launches New Snowmobile Versions II-28

10. Product Launches in Recent Past II-29

• Yamaha Unveils First Four-stroke Model II-29
• Eleven Snowmobile Models From Yamaha II-29
• Polaris Rolls Out Indy Frontier II-29

11. Focus on Select Global Players II-30

• Arctic Cat, Inc. (US) II-30
• Bombardier Recreational Products Inc. (Canada) II-30
• TeamFast.com Inc. (US) II-30
• Polaris Industries Inc. (US) II-31
• Yamaha Motor Co, Ltd. (Japan) II-31

12. Global Market Perspective II-32

• Table 8: World Recent Past, Current & Future Analysis for Snowmobiles by Geographic Region - US, Canada, Scandinavia and Rest of World Markets Independently Analyzed with Annual Sales in Units for Years 2001 through 2010 (includes corresponding Graph/Chart) II-32
• Table 9: World Recent Past, Current & Future Analysis for Snowmobiles by Geographic Region - US, Canada, Scandinavia and Rest of World Markets Independently Analyzed with Annual Sales in US$ Million for Years 2001 through 2010 (includes corresponding Graph/Chart) II-32
• Table 10: World Historic Review for Snowmobiles by Geographic Region - US, Canada, Scandinavia and Rest of World Markets Independently Analyzed with Annual Sales in Units for Years 1991 through 2000 (includes corresponding Graph/Chart). II-33
• Table 11: World Historic Review for Snowmobiles by Geographic Region - US, Canada, Scandinavia and Rest of World Markets Independently Analyzed with Annual Sales in US$ Million for Years 1991 through 2000 (includes corresponding Graph/Chart). II-33
• Table 12: World 20-Year Perspective for Snowmobiles by Geographic Region - Percentage Breakdown of Unit Sales for US, Canada, Scandinavia and Rest of World Markets for 1991, 1995, 2005 & 2010 (includes corresponding Graph/Chart) II-34
• Table 13: World 20-Year Perspective for Snowmobiles by Geographic Region - Percentage Breakdown of Value Sales for US, Canada, Scandinavia and Rest of World Markets for 1991, 1995, 2005 & 2010 (includes corresponding Graph/Chart) II-34

III. MARKET

1. The United States III-1

• A. Market Analysis III-1
• Market Overview III-1
• Industry Snapshots III-1
• Current and Future Analysis III-2
• North American Snowmobiles Market - Major Industry Segments III-2
• Table 14: North American Snowmobile Market (2005): Percentage breakdown by Major Industry Segment - Performance, Two-up Touring, Deep Snow, Trail Luxury, Trail Sport, Crossover, Utility and Kids (includes corresponding Graph/Chart) III-2
• Threat of Snowmobile Ban in National Parks - A Major Issue III-2
• Laws Governing Snowmobile Operations III-3
• A Comparison table of State Laws Governingthe Operation of Snowmobiles III-3
• Snowfall Level - A Major Market Driver III-4
• Competitive Landscape - Polaris Dominates III-5
• Manufacturers Introduce Latest Technologies to Stay Ahead III-5
• Table 15: Best Available Technology (BAT) Standards for Yellowstone and Grand Teton National Parks. III-5
• Historic Review III-6
• Recent Industry Activity III-6
• Product Launches III-8
• Focus on Key Players III-9
• B. Market Analytics III-10
• Table 16: US Recent Past, Current & Future Analysis for Snowmobiles with Annual Sales in Units for Years 2001 through 2010 (includes corresponding Graph/Chart) III-10
• Table 17: US Recent Past, Current & Future Analysis for Snowmobiles with Annual Sales in US$ Million for Years 2001 through 2010 (includes corresponding Graph/Chart) III-11
• Table 18: US Historic Review for Snowmobiles with Annual Sales in Units for Years 1991 through 2000 (includes corresponding Graph/Chart) III-11
• Table 19: US Historic Review for Snowmobiles with Annual Sales in US$ Million for Years 1991 through 2000 (includes corresponding Graph/Chart) III-11

2. Canada III-12

• A. Market Analysis III-12
• Market Overview III-12
• Historic Review III-12
• Bombardier Recreational Products Inc. - A Key Player III-12
• Recent Industry Activity III-13
• Product Launch III-13
• B. Market Analytics III-14
• Table 20: Canadian Recent Past, Current & Future Analysis for Snowmobiles with Annual Sales in Units for Years 2001 through 2010 (includes corresponding Graph/Chart) III-14
• Table 21: Canadian Recent Past, Current & Future Analysis for Snowmobiles with Annual Sales in US$ Million for Years 2001 through 2010 (includes corresponding Graph/Chart) III-14
• Table 22: Canadian Historic Review for Snowmobiles Independently Analyzed with Annual Sales in Units for Years 1991 through 2000 (includes corresponding Graph/Chart) III-15
• Table 23: Canadian Historic Review for Snowmobiles Independently Analyzed with Annual Sales in US$ Million for Years 1991 through 2000 (includes corresponding Graph/Chart) III-15

3. Scandinavia III-16

• A. Market Analysis III-16
• Market Overview III-16
• Current and Future Analysis III-16
• Historic Review III-16
• B. Market Analytics III-17
• Table 24: Scandinavian Recent Past, Current & Future Analysis for Snowmobiles with Annual Sales in Units for Years 2001 through 2010 (includes corresponding Graph/Chart) III-17
• Table 25: Scandinavian Recent Past, Current & Future Analysis for Snowmobiles with Annual Sales in US$ Million for Years 2001 through 2010 (includes corresponding Graph/Chart) III-17
• Table 26: Scandinavian Historic Review for Snowmobiles with Annual Sales in Units for Years 1991 through 2000 (includes corresponding Graph/Chart) III-18
• Table 27: Scandinavian Historic Review for Snowmobiles with Annual Sales in US$ Million for Years 1991 through 2000 (includes corresponding Graph/Chart) III-18

4. Rest of World III-19

• A. Market Analysis III-19
• Market Overview III-19
• Historic Review III-19
• Japan - A Key Snowmobiling Nation III-19
• Yamaha Motor Co. Ltd. - A Key Japanese Player III-19
• Product Launch III-20
• Yamaha' s Product Introductions in Recent Past III-20
• B. Market Analytics III-21
• Table 28: Rest of World Recent Past, Current & Future Analysis for Snowmobiles with Annual Sales in Units for Years 2001 through 2010 (includes corresponding Graph/Chart) III-21
• Table 29: Rest of World Recent Past, Current & Future Analysis for Snowmobiles with Annual Sales in US$ Million for Years 2001 through 2010 (includes corresponding Graph/Chart) III-21
• Table 30: Rest of World Historic Review for Snowmobiles with Annual Sales in Units for Years 1991 through 2000 (includes corresponding Graph/Chart) III-22
• Table 31: Rest of World Historic Review for Snowmobiles with Annual Sales in US$ Million for Years 1991 through 2000 (includes corresponding Graph/Chart) III-22

IV. COMPETITION

• 1. Alpina Snowmobiles Srl (Italy) IV-1
• 2. Arctic Cat, Inc. (USA) IV-2
• Table 32: Annual Sales Analysis: 2003-2005(In US$ million) IV-3
• Table 33: Annual Sales Analysis by Product: 2003-2004(In US$ million) IV-3
• Table 34: Quarterly Sales Analysis: 2004-2005 (In US$ million) IV-3
• 3. Bombardier, Inc. (Canada) IV-6
• Table 35: Annual Sales Comparison: 2003-2005 (In US$ billion) IV-8
• Table 36: Annual Sales Comparison by Segment: 2004-2005(In US$ billion) IV-9
• Table 37: Annual Sales Comparison by Segment: 2003-2004(In CAN$ billion) IV-9
• Table 38: Annual Sales Analysis by Geographical Region: 2003-2004(In CAN$ billion) IV-9
• Table 39:Quarterly Sales Comparison: 2003-2004 (In CAN$ billion) IV-10
• Bombardier Recreational Products Inc. (Canada) IV-16
• Bombardier Nordtrac Oy (Finland) (Canada) IV-17
• 4. Carl Eliason & Co., Inc. (USA) IV-19
• 5. Crazy Mountain Motorsports, Inc. (USA) IV-19
• 6. Polaris Industries, Inc. (USA) IV-20
• Table 40: Half Yearly Sales Analysis: 2004-2005 (H1)(In US$ thousand) IV-21
• Table 41: Annual Sales Analysis: 2002-2004 (In US$ million) IV-21
• Table 42: Quarterly Sales Analysis: 2003-2004 (In US$ million) IV-21
• 7. TeamFast.com, Inc. (USA) IV-26
• 8. Yamaha Motor Co., Ltd. (Japan) IV-27
• Table 43: Half Yearly Sales Analysis: 2004-2005 (H1)(In Yen Million) IV-30
• Table 44: Annual Sales Analysis: 2002-2004 (In Yen Million) IV-30
• Table 45: Annual Sales Analysis by Segment: 2003-2004(In Yen Million) IV-30
• Table 46: Annual Sales Analysis by Geographic Region: 2003-2004 (In Yen Million) IV-31
• Yamaha Motor Corporation (USA) IV-43
• Yamaha Motor Canada Ltd. (Canada) IV-44
• Yamaha Motor (UK) Ltd. (UK) IV-45